Gold prices gain on jewellers’ buying

New Delhi-India (Nov 8)  Gold prices gained for the second day in a row on Wednesday, rising by Rs60 to Rs30,450 per 10 gram at the bullion market on wedding season buying by local jewellers and positive cues from overseas markets. Silver, however, fell by Rs125 to Rs40,575 per kg due to reduced offtake by industrial units and coin makers.

Traders said that, apart from a firm trend overseas, persistent buying by local jewellers to meet ongoing wedding season demand at domestic spot market kept gold prices up. Gold prices spurted by Rs255 to Rs30,390 on Tuesday.

Globally, gold rates rose 0.20% to $1,277.30 an ounce and silver by 0.38% to $16.97 an ounce in Singapore.

In the national capital, gold of 99.9% and 99.5% purity advanced by Rs60 each to Rs30,450 and Rs30,300 per 10 gram, respectively. Sovereign, however, remained unaltered at Rs24,700 per piece of eight gram.

On the other hand, silver ready drifted lower by Rs125 to Rs40,575 per kg and weekly-based delivery by Rs150 to Rs39,675 per kg. Silver coins, however, held steady at Rs74,000 for buying and Rs75,000 for selling of 100 pieces.

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